It’s so simple, even my uncle can do it.
My uncle couldn’t receive crypto because he didn’t know how to create a wallet. Multi-Party Computation (MPC) lets companies permission wallets that my uncle or anyone else can generate without seed phrases.
MPC, a form of cryptography, is gaining traction in the world of crypto wallets for its combination of security and ease of use. Account set up mirrors common patterns new users will recognize from their experience on the internet. Seed phrases, the hallmark of older wallet designs, are not required.
Understanding Seed Phrases: In traditional wallets, new users are given a seed phrase, a list of words that store all the information needed to recover a crypto wallet, when signing up. It can range from 12 to 24 words. This phrase acts as a backup for the crypto wallet and needs to be stored very carefully — if you lose it, you may lose access to your assets, and if someone else finds it, they could gain access.
Enter MPC: MPC provides a streamlined and user-friendly alternative to this system. MPC, and specifically Threshold Signature Schemes (TSS), uses key shares spread across multiple parties to sign transactions instead of a single private key, as is traditionally used for crypto wallets.
Here’s how it works
Simplified Onboarding: When setting up a new wallet, users don’t need to store a seed phrase. Instead, they simply need to authenticate themselves on the device they’re using (like a phone).
Distributed Security: Portal’s implementation of MPC uses two sets of key share pairs (parallel 2 of 2 threshold, four shares total). Key shares are never reconstructed for signatures and conduct signatures independently for each party involved.
Easy Recovery: MPC recovery allows your users to recover their wallet in the event that their device is lost, stolen, or bricked. MPC recovery uses the MPC backup that a user has already configured to create a new set of signing and backup shares.
So, when your friends and family decide to finally join Web3, they won’t need to worry about remembering or losing a seed phrase. MPC makes the process of creating and managing a crypto wallet as simple as any other authenticated account.
Portal exists to offer easy-to-use key management without making concessions on security and privacy. Seamless, without the drawbacks of legacy solutions. Reach out to learn more!
